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Rhode Island

First-time home buyers struggle as cash dominates R.I. market

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First-time home buyers struggle as cash dominates R.I. market


Real Estate

“We’re seeing homeowners who are tapping into their equity and 401K and competing for properties with first-time home buyers without those luxuries.”

The median sales price of a single-family home in Providence was $450,000 in October, a 16.67 percent year-over-year increase. Adobe Stock

The median sales price for a single-family home in Rhode Island hit $485,000 in October, a 11.5 percent year-over-year jump, the state realtors association reported on Nov. 21.

Rhode Island saw more sales (up 5 .4 percent) and more homes to choose from (inventory was up 4.9 percent), but first-time home buyers are having to do battle with shoppers armed with cash or equity.

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“We’re seeing homeowners who are tapping into their equity and 401K and competing for properties with first-time home buyers without those luxuries. Many are cash buyers who are downsizing or buying a second home,” Chris Whitten, 2025 president of the Rhode Island Association of Realtors, said in a news release. “It’s tough for younger buyers to compete with that. Down-payment assistance programs help slightly, but lack of inventory, higher prices, and interest rates are still the biggest pain points preventing our younger generations from starting to build equity through homeownership.”

On Nov. 21, the average rate on a 30-year fixed mortgage hit its highest level since July, 6.84 percent, sapping the buyer power of prospective shoppers.

But the condo market offers buyers hope. The median sales price of $355,000 in October reflects a $25,000 drop in costs compared to October 2023. This led to a 15.1 percent hike in sales, the association reported.

There are more condos on the market as well, which helps to temper competition. The state saw a 37.3 percent increase in inventory, but it’s not enough to meet demand.

“At the current rate of sales, all the condominiums available for sale in Rhode Island would be sold in just over two months if no new listings went on the market,” Whitten said. “The condo market is attractive to first-time buyers due to its lower price point, but more development is the key to help get younger generations into homeownership.

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“The net worth of a homeowner is $415,000 compared to $10,000 for a renter,” he added. “In the coming legislative session, RI Realtors will be focused on working closely with legislators who are willing to help remove barriers to building and enable the creation of more homes here in the Ocean State.”

The supply of single-family listings rose as well, by 4.9 percent for a 2.1-month supply. Most economists agree that a healthy market has at least a five-month supply.

Buyers may also turn to multifamily homes to pay their mortgage. Closed sales in that market were up 17.2 percent last month, with a 16.06 percent increase in the median price to $560,000, the association reported.

The typical multifamily home spent 26 days on the market before selling, while condos took 33 days and single-family homes were snapped up after 31.

Single-family properties in Kent County — home to Coventry, East Greenwich, West Greenwich, Warwick, and West Warwick — saw the biggest increase in prices, nearly 17 percent. Prices dropped in Providence County, home to the capital city, fell 6.03 percent.

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Eileen Woods

Editor, real estate


Eileen McEleney Woods is the real estate editor for Boston.com and editor of the Boston Globe’s Sunday real estate section (Address). 






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Rhode Island

401Gives Starts Tuesday!

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401Gives Starts Tuesday!


This is a big year for us – hiring a full-time reporter – and we need your help This week, East Greenwich News will participate in the 401Gives – an annual fundraiser organized by the United Way of Rhode Island to support nonprofits across the state. This year, 401Gives will run for two days, from […]



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Medical school at URI won’t ensure primary care docs for RI | Opinion

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Medical school at URI won’t ensure primary care docs for RI | Opinion


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  • Rhode Island is currently experiencing a significant shortage of primary care physicians.
  • Opening a new medical school at URI is not seen as a timely or effective solution to the crisis.
  • Even with more medical school graduates, there is no guarantee they will choose primary care or stay in the state.
  • Better solutions include increasing pay, offering loan repayment, and reducing administrative burdens for doctors.

The doctor is not in, and there’s not one on the way either. Many Rhode Islanders are well aware that the state is facing a harrowing shortage of primary care physicians. As native Rhode Islanders and physicians invested in quality accessible primary care for our community, we are dedicated to working towards policies to support our state.

A medical school at the University of Rhode Island is not the solution to solve the primary care crisis. A medical school at URI would not provide a timely solution, would likely not achieve the target outcome of increasing the number of primary care physicians in the state, and would likely not address the underlying issue of getting doctors to stay. Instead, resources should be allocated now to supporting primary care in ways that would make sustainable change.

Lack of access to primary care is hurting patients now. A medical school at URI would not be a short- or long-term solution. In addition to the time needed to engineer an accredited medical school, it takes seven years to produce an inexperienced primary care physician. Once trained, there still must be an incentive to stay in Rhode Island. Patients do not have access to necessary care for acute and chronic conditions. The burden on our health care system, impacting ER wait times and hospital capacity, impacts everyone. We cannot afford to wait another decade for a solution.

More physicians does not equal more physicians in primary care or in Rhode Island. If the aim is to produce more physicians from URI’s medical school, this will certainly occur, but we should not delude ourselves into believing it will fix primary care. It’s not due to lack of opportunities. In 2019, the National Resident Matching Program offered a record number of primary care positions, yet the percentage filled by students graduating from MD-granting medical schools in the United States was a new low. Of 8,116 internal medical positions that were offered, just 41.5% were filled by U.S. students; most residency spots went to foreign-trained and U.S.-trained osteopathic physicians.

As medical schools across the country look to debt reduction as a means of encouraging students to enter primary care specialties, their goals have fallen far short. In 2018, The New York University School of Medicine offered full-tuition scholarships to every medical student, regardless of merit or need. In 2024, only 14% of NYU’s graduating seniors entered primary care, lower than the national average of 30%.

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There must be an incentive to stay in Rhode Island (or at least not a disadvantage). Our efforts must shift to recruiting and maintaining physicians in primary care. Inequitable reimbursement from commercial insurers between Rhode Island and neighboring states (leading to significantly lower salaries than if you lived here and traveled to Attleboro to care for patients), the lack of loan repayment(average medical student debt is $250,000, forcing the choice between meaning and money), and the ongoing administrative burdens are amongst the drivers away from primary care. Rhode Island needs to get on par with surrounding states to prevent physicians from going elsewhere.

The motivations behind opening a medical school are well intended in terms of wanting to increase the number of primary care providers by enabling local talent to train close to home. Training more people in Rhode Island will not keep them here; it will invest significant resources without addressing the root of the issue. Until there are comparable salaries between Rhode Island and our neighbors, until loan repayment is improved and the administrative burdens are reduced, primary care in the state will forever be fighting an uphill battle. Both providers and patients suffer the consequences.

Dr. Kelly McGarry is the director of the General Internal Medicine Residency at Rhode Island Hospital. Dr. Maria Iannotti is a first-year resident, a Rhode Islander intent on practicing primary care in Rhode Island.



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Truckers ordered to pay own legal bills from failed RI toll lawsuit

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Truckers ordered to pay own legal bills from failed RI toll lawsuit


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The trucking industry will have to pay its own legal bills for the unsuccessful eight-year-old lawsuit it brought to stop Rhode Island’s truck toll system, a federal judge ruled Friday, March 27.

The American Trucking Associations was seeking $21 million in attorneys fees and other costs from the state, but a decision from U.S. District Judge John McConnell Jr. says the truckers lost the case and will have to pick up the tab.

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The state had previously filed a counterclaim for reimbursement of $9 million in legal bills, but an earlier recommendation from U.S. Magistrate Judge Patricia Sullivan had already thrown cold water on that possibility.

McConnell ordered American Trucking Associations to pay Rhode Island $199,281, a tiny fraction of the amount the state spent defending the network of tolls on tractor trailers.

Settling the lawyer tab may finally bring an end to a court fight that bounced back and forth through the federal judiciary since the toll system launched and the truckers brought suit in 2018.

As it stands, the state’s truck toll network has been mothballed since 2022 when a since-overturned judge’s ruling temporarily ruled it unconstitutional.

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The Rhode Island Department of Transportation said it hopes to relaunch the tolls around March 2027.

The court costs fight hinged on which side could claim legal “prevailing party” status as the winner of the lawsuit.

The trucking industry claimed that it had won because the First Circuit Court of Appeals ruled an in-state trucker discount mechanism, known as caps, in the original truck toll system was unconstitutional.

But Rhode Island argued that it is the winner because the appeals court had ruled that the larger system and broad concept of truck tolls is constitutional and can relaunch with the discounts stripped out.

“The Court determines that ATA has vastly overstated the benefit, if any, that they have received from the ultimate resolution of their challenge to the RhodeWorks program,” McConnell wrote.

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The truckers “failed to obtain any practical benefit from the First Circuit’s severance of the [in-state toll] caps,” he went on. “Specifically, the evidence from this dispute confirmed that the lack of daily caps will result in ATA paying a higher amount in daily tolls and that it does not receive any tangible financial benefit from their elimination.”

In her December analysis of the legal fees question, Sullivan had concluded that the Trucking Associations’ outside counsel had overbilled and overstaffed the case.

But she had recommended that the industry be reimbursed $2.7 million for its bills, while McConnell’s ruling gives it nothing.



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